TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Coinbase sues SEC, FDIC over claims of non-compliance with FOIA

  • Coinbase filed a lawsuit against the US SEC and FDIC in a district court in Washington.
  • Coinbase alleged that the agencies failed to comply with FOIA. 
  • Coinbase's suit follows Consensys' earlier lawsuit against the SEC over its position on Ethereum 2.0 and MetaMask wallet.
Coinbase sues SEC, FDIC over claims of non-compliance with FOIA
Michael EbiekutanMichael EbiekutanFXStreet

Coinbase filed a lawsuit on Thursday in the Washington, DC District Court against the US Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC), claiming that both regulators have refused to release information concerning crypto regulations.

Coinbase demands US regulators' accountability, files lawsuits

Crypto exchange Coinbase went on the offensive on Thursday following its lawsuits against the US SEC and FDIC.

The lawsuits, filed in a district court in Washington DC, alleged that both regulators have refused to provide key information requested by the exchange.

Coinbase said it requested information, in line with the Freedom Of Information Act (FOIA), concerning some actions the SEC and FDIC took.

FOIA is an act that gives an individual or organization the right to access government information freely. Coinbase’s lawsuits alleged that the exchange sent requests to both regulators and has yet to receive replies for over a year.

"Today we filed lawsuits under the Freedom of Information Act for requests we made over a year ago seeking important information to which we, and the public, are entitled," said Coinbase Chief Legal Officer Paul Grewal. 

The exchange requested the SEC provide clear information regarding several investigations it had made beginning in 2018. These investigations include Ethereum 2.0, which the SEC dropped earlier in the month.

Consensys had earlier filed a lawsuit against the SEC, claiming the agency attempted an "unlawful power grab over Ethereum" and stating its MetaMask isn't a securities or broker platform.

Coinbase also requested the FDIC reveal the letters it sent to banks and financial institutions to pause crypto-related transactions indefinitely.

Claiming that both regulators refused to answer to the FOIA, Coinbase moved to file lawsuits, alleging that "financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry."

Crypto community members have speculated that the lawsuit may help in providing clarity regarding digital assets regulations.

Related news

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

More from Michael Ebiekutan
Share:

Editor's Picks

XRP edges higher as bullish derivatives, EMA support underpin breakout prospects

XRP edges higher as bullish derivatives, EMA support underpin breakout prospects

Ripple (XRP) is grinding upward and getting closer to a short-term breakout above $1.40 on Tuesday. This uptick follows the remittance token's defense of support at $1.38, after a short-lived attempt to breach selling pressure at $1.50 last week.
Useless Price Forecast: USELESS poised for another breakout as Korea’s Upbit exchange announces listing

Useless Price Forecast: USELESS poised for another breakout as Korea’s Upbit exchange announces listing

Useless (USELESS) extends its upward trajectory, trading above $0.26 on Tuesday. The meme coin shows strong breakout potential after establishing firm support at $0.20, following an impressive 260% rally from lows near $0.15 on September 1 to a peak of approximately $0.32 last Saturday.
Bitcoin ETFs are still $1 billion shy of breaking even in 2026

Bitcoin ETFs are still $1 billion shy of breaking even in 2026

While investor demand for U.S.-listed spot Bitcoin exchange-traded funds (ETFs) has rebounded in recent weeks, net flows for the year remain firmly in the red. A spectacular August brought in a massive $3.52 billion in fresh capital, followed by a solid $770.15 million so far this month, according to data source SoSoValue.
Top Altcoins Price Forecast: Ripple, Cardano, Solana extend consolidation as bullish momentum fades

Top Altcoins Price Forecast: Ripple, Cardano, Solana extend consolidation as bullish momentum fades

Ripple (XRP), Cardano (ADA), and Solana (SOL) maintain a consolidative tone, struggling to sustain their upside momentum. The technical outlook for XRP, ADA, and SOL suggests downside risk as altcoins struggle to advance their August gains. Ripple trades around $1.40 at press time on Tuesday, holding a constructive bias above its 200-day Exponential Moving Average (EMA) at $1.3550.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.